Home Business
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Top 175 FREE Home Businesses
Which Home Business is Right for You
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Grow Your Home Business, Higher Profits
New Home Business Do's & Don't
Keep your
Records in Order
Higher Bottom Line
Importance of Internet Exposure
Website, Blog or Bleb
Networking Online
Virtual
Stores & Online Orders
Power of Linking
Generating Online Income
Gorgeous "Virtual' Online Store
Generate Sales Online
Blogging & Website Wealth
Affiliate
Income
The AdSense
Decision
Legitimate Survey
Income
Point 1: Honestly assess your temperament to determine whether or not you are suited to be an entrepreneur or a business owner. Are you a leader? Do you enjoy blazing your own trail, or would you prefer to follow someone else’s lead or a clearly delineated job description and career path? Ask friends, co-workers and family members who will be honest with you to assess your temperament as well. Often, those around us see us more clearly than we can see our own strengths and weaknesses.
Point 2: Determine whether or not you have a unique talent, ability, or opportunity. You have heard it said that if you build a better mousetrap, people will beat a path to your door. Obviously, it would be best to be the very first person to create a mousetrap. If not, you must determine if your mousetrap is really better and has either a cost- or a quality-competitive advantage compared to those that are currently on the market. You must also assess whether or not there are a sufficient number of mice—or in this case, potential customers—in your proposed marketplace. This area cannot be overestimated. Entrepreneurs fail every day because they are not honest with themselves. They feel they have a unique talent, product or marketplace that no one else has.
Point 3: Do you have enough capital? Most entrepreneurs will tell you the term “enough” capital does not exist. There is more truth than one might imagine in that statement. When you are in business for yourself, everything takes longer, costs more and is more difficult than you imagined. This is not negative thinking. It is the real life experience of most business owners. Too many “would be” entrepreneurs base all projections on the proverbial best case scenario.
You would be much better off to base your projections on the worst case scenario and even cut it in half. If you can survive in that environment, you’ve got an excellent chance of making it. The only cardinal sin in business planning is to run out of money. Money buys you time, second chances and many lessons. With money, you’re like a pilot flying 40,000 feet above the earth. Any problems can be dealt with at this altitude. You have a lot of time to make corrections, contingency plans, and pursue alternatives. Without enough capital, you are like that same pilot flying 100 feet above the ground. You can fly successfully if everything goes perfectly; but if there’s one mechanical error, fuel problem or wind sheer, you are destined to crash and burn.
Point 4: Do you have a passion for your new business? This may be the most critical consideration of all. It should be more than just 'an attractive idea'. With many business ventures, you've got to be willing to eat, slee p and breathe your new business for strongest income generation and growth potential.
Each week thousands of Americans make the decision
to start their own business. By choosing to launch your empire from home, you
eliminate costly overhead for the outside space and you can test the waters of
having a business on a part-time basis, before taking the full-time plunge.
Consider these questions and answers to help avoid some of the Do's
and Dont's associated with new business startups.
1. How do I know if I have a good idea for a
business?
The Small Business Administration (SBA) has put together 3 criteria for a
successful business. You should be able to answer "yes" to at least
one of the following: Does the product/service business serve a presently
unserved need? Does the product/service serve an existing market in which
demand exceeds supply? Can the product/service successfully compete with
existing businesses catering to the same market niche?
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2. Should I write a business plan?
A business plan helps one to organize all aspects of running the
venture. It
will help you answer all of the questions you need to in order to start
your
business with confidence. The business plan should contain a summary of
what
your business is; a brief outline on how you plan to sell this product
or
service; an overview on who your customer is; a personal budget; a
financing
plan; a strategy for getting publicity and generating interest in your
product
or service.
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3. Will I need a lot of money?
The start-up capital you'll need will vary depending on what type
of
business you are starting. However, you should: figure out what it
costs to
make your product or offer your service, and then set a price. Once a
price is
set, determine how many units/clients you'll need each month to
survive. Your
monthly income should, of course, be greater than your expenses. If
your business is seasonal, for exmple - firewood delivery, figure
out how
much you need to make during your high season to sustain you through
the dry
months. You can also consider a 2nd business that will generate income
during the 'off season'.
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4. How will I know if my business is successful?
Success is rated in many ways. Picasso said that if one could see
no line
of demarcation between work and play, they had achieved success. Some
measure
success in terms of money, others in freedom and flexibility. It's up
to you. Just make certain to have priorities and goals at the beginning.
5. Do I have to dress for work even if no one will see me?
Many home-based entrepreneurs tell us that it helps to get dressed in the
morning as though you are going to an office job, just so you feel more
disciplined. We, however, go for the home-based blue jeans and t-shirt look,
preferring to 'dress for success' only for meetings with clients. After all, haven't you
worked all your life "dressed" for work?
6. Should I work normal 9 to 5 hours?
The beauty of being your own boss is that you can now work from 9 p.m. to 5
a.m. if you so desire. Obviously, you will need to be in operational mode when
your customers are working so you can contact them. If you work on an engraving
business, however, you can work on your projects at any hour of the day or
night.
7. I'm easily distracted. Can I still work at home?
You'll have to muster up discipline to stay away from the refrigerator, the
television, the pool or the nearby
shopping mall. If you have children, try and find someone who can watch them
for a few hours a day so you can get some work done. Co op (time shared)
child programs are quite successful. An agreement with another
individual ... you care for their children 2 hours per day, and vice
versa.
8. How can I achieve this level of discipline?
Focus. Focus. Focus. You must be disciplined enough to create your business and
then follow through. This is the ultimate test for an entrepreneur. If you can't get
focused, then you might be better off working for the other
guy, leaving it all behind you when the 5 o'clock whistle blows.
9. How should I pick a business?
Choose something you enjoy and then figure out how you can get paid for doing
it. Pick a business you'll like, be cause you will be at for years.
Make a list of your hobbies. Is there anything there that could be turned into
a business? The Right Business
10. Are there types of businesses that I can't run from home?
Yes, you'll have to get into a discussion with your local zoning commission,
but you can't run a restaurant from most homes. There are many businesses, such
as used car lot, quick lube service, that can't be run from home.
11. How do I find out about zoning?
Go to your local town hall, zoning office or even the local library. Ask for a
copy of the zoning laws. In many areas, the communities have not yet updated
their zoning laws. If you read that you can't do something in particular that
you have in mind, don't worry, make a few calls to the zoning committee and
find out if they have expanded their interpretation of the law.
12. What if I don't meet zoning regulations?
Call an attorney (specifically, one who deals with zoning) and inquire about
the specifics of the law. He or she might have a way you can get around the
regulation. You can also contact the zoning board in your community and ask
them to make an exception by applying for a "variance." A variance
waives the law. Another option is to conform to the law by changing your operation.
For example, if you want to open a cafe and serve coffee and gourmet treats,
and it's not permitted, could you alter your focus and open up a catering
operation?
13. What about licenses and other regulations?
Many people start businesses without investigating what local, state or Federal
laws exist concerning their home-based venture. It seems that many coast by for
years without being discovered by the Internal Revenue Service (IRS) or other
government offices, but once they do, they can levy heavy fines and penalties.
It's best to get it right from the start. Make a call to your county clerk's
office. That will clue you in as to the various licenses and forms you need to
acquire or to file.
14. Do I need to open a separate bank account?
Whether or not you operate the business under your own name, you should consider
opening a separate bank account for your venture. If you are planning on
conducting business under a name other than your own, you will need a bank
account in the name of the business so that you can cash checks that are made
out to "Best Bet Catering" or "Quick & Easy Mobile
Detailing."
To do this, check with your county clerk. You'll need to pick up three
"Doing Business As" forms from a local stationery store. The forms
cost about $1. Fill them out, have them notarized, then take them down to the
county clerk's office. The county clerk will keep one copy, you keep another
and take the third to the bank where you want your bank account set-up. You
will also need to obtain and Employer Identification Number from the IRS. This
is sort of like a social security number for your new business.
Different
businesses need different types of licenses. Catering requires, at the minimum,
a food handler's license. The county clerk or the local SBA office can help
point you in the right direction. Make a call to the IRS office in your region
and ask them to send you an information package on tax filing for your small
business. You might want to secure the services of an accountant who will help
you do your taxes. It's a great investment for any small business owner.
15. Do I have to incorporate?
No, you do not. There are other, easier, options. Sole-proprietorship is
one method, and if you have a partner, then you might want to consider forming
a partnership as your legal structure. For specifics, consult an attorney or
call your local SBA office for more info.
16. What are the advantages of incorporating?
The main advantage is that you will have limited liability.
17. What are the disadvantages?
You will have to figure on spending more time and money filing licenses,
taxes, etc. as a "corporation." There are other forms of the
corporation, such as a Sub-S Corporation that you might also want to consider.
18. How do I set up a corporation or a Sub-S Corporation?
This offers you the limited liability option of a corporation along with
permitting all of the income from the business to go to you directly as an
individual as though you were running either a "sole proprietorship"
or a "partnership."
19. How do I set up a corporation or a Sub-S Corporation?
Early on in your new business venture, it's always a good idea to spend a few
cnsulting hours with an attorney who specializes in small business. He or she
can spell out all of the legalities and point out plenty of other helpful
advice. You do not need an attorney to set up a corporation, but they can help
you cut through a lot of the red tape...for a fee, of course.
20. What is a sole proprietorship?
This is the easiest way to get your business venture rolling,and the
cheapest. Basically, this form of doing business can be organized very quickly.
You just begin. You should call the local county clerk and determine whether or
not you need certain business licenses and/or permits to proceed.
21. What are the disadvantages of a sole proprietorship?
In setting up this type of business, you will be liable for everything in
respect to financial and legal obligations. For example, if you can't pay the
bills, the creditors can go after your car or house or van. If a customer falls
on your front porch, he or she can sue you and you could lose everything. It is
still the most popular business form chosen by entrepreneurs.
22. What is a partnership?
A partnership is a group of more than one individual. It costs more to set up
than a sole proprietorship but costs less money than it does to set up a
corporation.
23. What are the disadvantages of a partnership?
Make sure you like working with all of your partners because it won't be easy
to alter the agreement. All partners are responsible for honoring debts of the
partnership, so if one partner slacks off, the others must come up with the
money for his or her share. If one partner goes under, he or she could drag
down the others.
24. Are there any advantages to a partnership?
In many cases, entrepreneurs enjoy the camraderie of dealing with a group
of people. They are used to dealing with a group from their working days, and
find it bolsters confidence to go after a goal with a small group of
individuals.
25. What do I do about taxes?
The IRS is getting tough and is really cracking down on home offices. You must
use your home-based business space exclusively and regularly for your business
venture. It can be a separate structure or a room in your home but it must be
the principal place of business, and it must be where you regularly meet
clients IF you meet with clients face to face.
